Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:      
Net losses (income) $ 118,000 $ (12,000) $ 2,000
Adjustments to reconcile net losses (income) to net cash provided by operating activities:      
Depreciation   200,000 202,000
Securities amortization and accretion, net   803,000 972,000
Loans originated for sale   (7,457,000) (14,077,000)
Proceeds from sales of loans held for sale   7,556,000 15,393,000
Gain on sale of mortgage loans (30,000) (99,000) (316,000)
Gain on sale of investments   0 (131,000)
Gain on transfer to OREO 0 0 (15,000)
(Reversal of) Provision for loan losses (84,000) (100,000) 5,000
Earnings on bank owned life insurance (45,000) (132,000) (134,000)
Issuance of common shares donated to North Shore Trust and Savings Charitable Foundation   1,009,000 0
ESOP Expense 48,000 151,000 0
Increase (decrease) in accrued interest receivable and other assets   524,000 (940,000)
Net decrease (increase) in accrued expenses and other liabilities   999,000 (698,000)
Net cash provided by operating activities   3,442,000 263,000
Cash flows from investing activities:      
Net (increase) decrease in portfolio loans   (1,112,000) 2,128,000
Principal repayments on mortgage-backed securities   13,853,000 12,937,000
Purchases of securities available for sale   (57,473,000) (39,056,000)
Maturities and calls of securities available for sale   1,305,000 2,045,000
Sale of securities available for sale 0 0 6,769,000
Sale of OREO   0 68,000
Purchase of Federal Home Loan Bank stock   0 (38,000)
(Increase) Decrease in time deposits with other financial institutions, net   (750,000) 6,735,000
Purchases of premises and equipment, net   (214,000) (120,000)
Net cash used in investing activities   (44,391,000) (8,532,000)
Cash flows from financing activities:      
Net change in deposits   (102,160,000) 18,712,000
Net change in escrow deposits   506,000 574,000
Repayment of FHLB Advance   (5,000,000) (4,000,000)
Proceeds from FHLB Advance   0 5,000,000
Proceeds from issuance of common stock, net of costs   49,440,000 0
Loan to ESOP   (4,319,000) 0
Net cash (used in) providing by financing activities   (62,545,000) 19,138,000
Net change in cash and cash equivalents   (103,494,000) 10,869,000
Cash and cash equivalents at beginning of period   121,611,000 31,868,000
Cash and cash equivalents at end of period 18,117,000 18,117,000 42,737,000
Supplemental disclosures of cash flow information:      
Loan transferred to OREO $ 0 0 171,000
Cash paid during the period for: Interest   $ 580,000 $ 732,000